Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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FedEx Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Revenue and Operating Expenses Trend
- Revenue remains constant at 100% as the baseline across all quarters. Operating expenses fluctuate generally between -91.77% and -97.65% of revenue, demonstrating considerable variability but consistently consuming the majority of revenue. Notably, the lowest expense ratio (-91.77%) appears in August 2020 and the highest (-97.65%) in February 2020, indicating periods of different cost efficiencies.
- Salaries and Employee Benefits
- This expense item stays relatively stable, fluctuating between -32.40% and -37.24% of revenue. A downward trend in expense ratio is observed around mid-2022 where it falls closer to -32%, suggesting some cost control or workforce adjustments in that period, followed by a slight rise afterward.
- Purchased Transportation
- Purchased transportation expenses exhibit variability, generally ranging from about -22.60% to -26.59%. There is an increase peaking around late 2019 to early 2020, followed by a decline in mid-2023. This pattern may reflect changes in transportation demand, pricing, or contract terms during those intervals.
- Rentals and Landing Fees
- Rentals and landing fees consistently range between approximately -4.64% and -5.51%, with minor fluctuations. No significant upward or downward long-term trend is evident. The values fluctuate moderately around an average of approximately -5.1%.
- Depreciation and Amortization
- Depreciation and amortization costs maintain a relatively narrow range from about -4.17% to -5.34% across the quarters. The expense ratio shows some cyclical variations with a slight decreasing tendency in 2021, indicating potential changes in asset base or useful life assumptions.
- Fuel Expenses
- Fuel expense ratios present a notable decrease during 2020’s mid-year period, dropping to values near -2.92%, likely reflecting the impact of external factors such as lower fuel prices or reduced volume. However, fuel costs increase again sharply in subsequent quarters, reaching up to -7.84% in late 2021 before progressively declining into 2024.
- Maintenance and Repairs
- These expenses fluctuate narrowly between -3.45% and -4.50% of revenue, without clear long-term trends. Minor increases and decreases are observed but remain relatively stable overall.
- Goodwill and Other Asset Impairment Charges
- This item appears sporadically with negative values impacting certain periods, notably in late 2019 (-0.38%), early 2020 (-2.13%), and mid-2023 (-0.53%). Such impairment items indicate occasional write-downs impacting profitability during these quarters.
- Business Optimization Costs
- Business optimization costs emerge intermittently from 2019 onwards, fluctuating between approximately -0.02% and -1.48%. There is a slight increasing tendency in the frequency and magnitude of this expense category in recent quarters, suggesting ongoing restructuring or efficiency programs.
- Other Operating Expenses
- The “Other” category of operating expenses remains substantial, averaging near -14%, fluctuating slightly between -13.81% and -16.01%. This category consistently represents a significant portion of the cost structure throughout the periods analyzed.
- Operating Income
- Operating income as a percentage of revenue shows variability from a low of 2.35% in early 2020 to a high of 8.23% in August 2020. This income recovered notably after a decline in early 2020, indicating resilience or cost management amid challenging periods.
- Interest Expense, Net
- Interest expense remains a relatively small but consistent cost, declining gradually from about -0.66% in 2018 to around -0.39% toward 2024, suggesting reduced interest burden or debt optimization over time.
- Other Retirement Plans, Net
- This category exhibits significant volatility with extreme negative impacts in May 2019 and May 2020, followed by periods of positive contributions. The irregular pattern indicates potential adjustments related to retirement plan valuations or contributions.
- Loss on Debt Extinguishment
- This expense item appears only once in May 2021 at -1.74%, reflecting a non-recurring financial event impacting that quarter.
- Other, Net and Other Income (Expense)
- Both “Other, net” and “Other income (expense)” show minor fluctuations around zero, except notable declines in periods like May 2019 and May 2020 where “Other income (expense)” dropped significantly, potentially due to extraordinary items or valuation adjustments.
- Income Before Income Taxes
- The income before taxes reflects a trajectory consistent with operating income, with a sharp drop in May 2019 (-14.34%) followed by recovery to positive territory, peaking around 11.58% in May 2021. It remains generally positive but shows some recent moderation into 2024.
- Provision for Income Taxes
- Income tax provisions fluctuate between negative and slightly positive percentages of revenue, showing occasional anomalies such as a 3.29% provision in May 2019 and -3.30% in May 2021, likely linked to tax adjustments or timing differences affecting reported net income.
- Net Income
- Net income as a percent of revenue displays a pattern similar to operating and pre-tax income, with significant volatility. The most notable downturns align with mid-2019 and mid-2020, dipping as low as -1.92%, but rebounds reach levels above 7% in some quarters such as May 2023. Overall, net profitability remains positive except for occasional impacted quarters.